Wallenius Wilhelmsen - Covenant waiver secured for credit facility, and support from banks to strengthen liquidity
Non-Regulatory Press Releases
Oslo, 26 June 2020 - The Wallenius Wilhelmsen group (OEX: WALWIL) has reached an agreement with its lenders to waive a NIBD/EBITDA covenant, and to defer instalments on certain bank loans
Due to the impact of site closures in the landbased business as a result of measures to reduce the spread of COVID-19, Wallenius Wilhelmsen noted in the Q1 2020 report that there is a risk of a breach of a NIBD/EBITDA covenant in a revolving credit facility for the group's subsidiary WW Solutions per end of the second quarter of 2020. The company has now reached an agreement with the relevant lenders to waive this covenant for the remainder of 2020 before it is gradually reset in 2021.
Furthermore, to strengthen the cash position during the period of reduced activity, the company has agreed with the banks of WW Ocean to defer instalments of about USD 70 million, previously scheduled for the second half of 2020.
Wallenius Wilhelmsen took decisive action early to adjust capacity, reduce costs and protect our cash position through this turbulent phase. During the Covid-19 pandemic, our focus has been, and will continue to be, the safety of our employees and surrounding communities, as well as adapting our operations to best meet our customers evolving needs.
About Wallenius Wilhelmsen The Wallenius Wilhelmsen group (OEX: WALWIL) is a market leader in RoRo shipping and vehicle logistics, transporting cars, trucks, rolling equipment and breakbulk around the world. The company operates around 125 vessels servicing 15 trade routes to six continents, and a global inland distribution network, 120 processing centres, and 11 marine terminals. The Wallenius Wilhelmsen group consist of Wallenius Wilhelmsen Ocean, Wallenius Wilhelmsen Solutions, EUKOR and ARC. The group is headquartered in Oslo, Norway with 9 500 employees in 29 countries worldwide. Read more at walleniuswilhelmsen.com
For further information, please contact: Astrid Martinsen, Head of Group Treasury & IR Tel +47 958 45 255 email: astrid.martinsen@walleniuswilhelmsen.com
Anna Larsson, Head of Corporate Communication Tel: +47 484 06 919 email: anna.larsson@walleniuswilhelmsen.com